Publisher Ziff Davis Crawls Into Chapter 11

Ziff Davis Media is limping into Chapter 11 bankruptcy protection, PaidContent reports. This has been looming since last summer, when the publisher began missing debt payments while selling off various titles. In a release, CEO Jason Young says things aren’t that bad:

“Operationally, we are also making great progress,” continued Mr. Young. “As a result of our employees’ hard work, we ended 2007 on a strong note. We matched audience growth with impressive digital revenue expansion. And while the print market continued to be challenging, we continue to be print category leaders in the markets we serve.

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